January 25, 2023
New Delhi, India
The last traded price of USDINR was 83.1300 down by -0.01%. The day’s range for USDINR is a high of ₹83.16 and a low of 83.10
The Indian Rupee exhibited strength, attributed to the support from dollar sales by foreign banks. In a notable update, the Reserve Bank of India (RBI) emphasized the necessity for India to sustain its growth momentum, targeting a minimum of 7% growth in the fiscal year 2025, as outlined in the RBI bulletin. The dollar received support through a reassessment of rate cut expectations in the U.S., further buoyed by robust economic data.
The last traded price of GBPINR was 105.6450 down by -0.26%. The day’s range for GBPINR is a high of ₹105.84 and a low of 105.64
The British Pound depreciated as UK Retail Sales contracted significantly in December. The Bank of England (BoE) might persist in emphasizing the necessity for prolonged higher interest rates, and there is a looming risk of the economy entering a recession in Q4.
The last traded price of EURINR was 90.4550 down by -0.20%. The day’s range for EURINR is a high of ₹90.52 and a low of 90.45
The Euro faced a decline amid the prevailing strength of the dollar, prompting investors to reconsider their interest rate cut predictions. ECB President Lagarde indicated a potential interest rate cut in the summer but underscored the need for caution. Additionally, producer prices in Germany experienced an 8.6% year-on-year decline in December 2023.
The last traded price of JPYINR was 56.3200 down by -0.23%. The day’s range for JPYINR is a high of ₹56.43 and a low of 56.32
The Japanese Yen remained under pressure following the release of domestic consumer inflation figures, which eased as expected. This development reaffirmed expectations for the Bank of Japan (BoJ) to maintain the status quo. Moreover, reduced expectations for a March Federal Reserve rate cut and the rise in U.S. bond yields favored the strength of the USD against the Japanese Yen.